Merchants Bancorp (NASDAQ: MBIN) director awarded new shares

Rhea-AI Filing Summary

Catchings Tamika reported acquisition or exercise transactions in this Form 4 filing.

Merchants Bancorp director Tamika Catchings received an equity grant of 381 shares of common stock, valued using a closing price of $46.03 per share as of the day before the most recent scheduled quarterly board meeting. This award represents the equity portion of her quarterly retainer for board service.

Following this grant, she directly holds 7,766 shares of Merchants Bancorp common stock, as well as 100 Series D Depositary Shares and 100 Series E Depositary Shares. The filing reflects routine, compensation-related share awards rather than open-market buying or selling.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Catchings Tamika

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	381	$46.03	$18K
holding	Series D Depositary Shares	--	--	--
holding	Series E Depositary Shares	--	--	--

Holdings After Transaction: Common Stock — 7,766 shares (Direct, null); Series D Depositary Shares — 100 shares (Direct, null); Series E Depositary Shares — 100 shares (Direct, null)

Footnotes (1)

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Key Figures

Director equity grant: 381 shares Reference share price: $46.03/share Common shares held after grant: 7,766 shares +2 more

5 metrics

Director equity grant 381 shares Common stock awarded as quarterly retainer

Reference share price $46.03/share Closing price used to calculate award size

Common shares held after grant 7,766 shares Direct Merchants Bancorp common stock holdings

Series D Depositary Shares held 100 shares Preferred Series D holdings after reported transactions

Series E Depositary Shares held 100 shares Preferred Series E holdings after reported transactions

Key Terms

Series E Depositary Shares, Series D Depositary Shares, quarterly retainer, Grant, award, or other acquisition

4 terms

Series E Depositary Shares financial

"security_title": "Series E Depositary Shares""

Series D Depositary Shares financial

"security_title": "Series D Depositary Shares""

quarterly retainer financial

"equity portion of the Reporting Person's quarterly retainer for service as a director"

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Catchings Tamika

(Last) (First) (Middle)

410 MONON BLVD.

(Street)

CARMEL INDIANA 46032

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Merchants Bancorp [ MBIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/21/2026		A		381	A	$46.03(1)	7,766	D
Series D Depositary Shares								100	D
Series E Depositary Shares								100	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Remarks:

	/s/ Terry A. Oznick, attorney-in-fact	05/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Merchants Bancorp (MBIN) director Tamika Catchings report on this Form 4?

Tamika Catchings reported receiving 381 shares of Merchants Bancorp common stock as an equity portion of her quarterly director retainer. The grant is compensation-related, not an open-market purchase, and increases her direct common stock holdings disclosed in the filing.

How many Merchants Bancorp (MBIN) shares did Tamika Catchings receive and at what price?

She received 381 shares of Merchants Bancorp common stock, with the number of shares calculated using a reference price of $46.03 per share. That price was the closing price on the day before the most recent scheduled quarterly board meeting.

What are Tamika Catchings’ total Merchants Bancorp (MBIN) common stock holdings after this grant?

After the grant, Tamika Catchings directly holds 7,766 shares of Merchants Bancorp common stock. This figure appears in the Form 4 as the total shares following the transaction and reflects only her directly owned common shares.

Does the Form 4 for Merchants Bancorp (MBIN) show any insider share sales by Tamika Catchings?

The Form 4 does not show any open-market sales by Tamika Catchings. It reports an acquisition of 381 common shares as a director equity retainer plus holdings entries for preferred depositary shares, making the activity compensation-related rather than a discretionary sale.

What preferred securities of Merchants Bancorp (MBIN) does Tamika Catchings hold according to the filing?

The filing shows she directly holds 100 Series D Depositary Shares and 100 Series E Depositary Shares. These entries are reported as holdings, with 100 shares of each series listed as the total held following the reported transactions.